ANALYSIS COURSE ETHEREUM CLASSIC 16.08.2016

Price Ethereum Classic lower against the bitcoin, clearing the biggest support area to increase further losses in the short term

Key points

Price Ethereum Classic was broken with respect to the bitcoin, according to yesterday's forecast.

Dedicated support line on the hourly chart ETC / BTC (Simplefx data) was broken, thereby contributing to reduction.

Price is currently experiencing a short-term support, which when moving forward could be cleared.

Price Ethereum Classic lower against the bitcoin, clearing the biggest support area to increase further losses in the short term

price gap Ethereum Classic

Price Ethereum Classic ETC found sellers with respect to the bitcoin and continues to trade downwards. In yesterday's post, it was stated that there is a chance of further price declines in the pair ETC / BTC. Price took a downward trend and cleared formed support ETC / BTC hourly chart (Simplefx data).

During a downtrend, the price broke through the level of 23.6% Fib from 0.0028 BTC to 0.0034 BTC. Currently, ETC / BTC offers exhibits near the 100 hour simple moving average acting as a support area. In addition, the 38.2% Fib from 0.0028 BTC to 0.0034 BTC also offers suggestions. Nevertheless, there are clear signs of weakness in the ETS, which indicates a higher chance of weakening it further.

Technical Analysis Prices Ethereum Classic

If there is a close below the 100 hour SMA, the price may head towards 0.0030 BTC. On the other hand, as mentioned earlier, the level of 0.0034-36 in pair ETC / BTC is of great importance. It is clear that investing in ETC at the moment is risky. It is necessary to wait until the price settles at the appropriate level, and only then to plan investments.

All MACD - MACD indicator is currently located in the bearish zone.

All RSI - RSI indicator is below 50, and may deviate further in the short term.

The main level of support - 0.00318 BTC

The main resistance level - 0.00340 BTC